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We have started to roll out our customer portal called My Brolly.
This allows you to report repairs, manage your payments, and raise a general query on top of other useful features.
You will be sent an email with your login details when we are ready to sign you up. Until you have this, unfortunately you won’t have access to My Brolly.
We hope to provide access to most customers within 2024.
Before you get started, it might be worth having our jargon buster open alongside this read. While we have tried our best to keep all this information as simple as possible, there are some unavoidable terms we need to use to explain how Shared Ownership works. But don’t worry, it’ll all make sense in the end!
Sit back and enjoy this simple video to help you understand how Shared Ownership works
Shared Ownership gives you the stability and security of getting on the property ladder in an affordable way. With Shared Ownership, you buy a percentage of a property – usually between 25% and 75% – then pay a monthly rent on the remaining portion. So, you get a beautiful home, whilst getting to decide how much you want to invest.
This scheme was introduced to address the shortage of affordable housing in England. It provides help for individuals who may not be able to afford a home through traditional means, to get onto the property ladder. So instead of purchasing outright, privately renting or large mortgages, Shared Ownership is there to help cut the costs.
There are lots of myths around Shared Ownership out there. Let’s bust the myths, so you can make better financial decisions.
When considering a Shared Ownership home, you should be aware of the various costs involved, including what you will be expected to pay once you move into your new property.
To be eligible for Shared Ownership, you must:
You could also get started by using our affordability calculator. Just pick one of our properties and see how your finances shape up in your desired location.
Search for available Shared Ownership properties, arrange viewings and find a home that suits your needs and budget.
Undergo a financial assessment to determine the share of the property you can afford, including the deposit required and monthly rent and mortgage payments.
Complete the necessary application paperwork and pay the reservation fee to secure the property.
Instruct a solicitor to handle the legal aspects of the purchase, including the conveyancing process and mortgage arrangements.
Find a suitable mortgage lender and complete your mortgage application, ensuring affordability checks are conducted.
Sign the contract and pay the required deposit to finalise the purchase agreement.
Upon completion of the legal process, exchange contracts, and receive the keys to your new home.
Congratulations! Move into your new home and start enjoying homeownership. Remember, you’ll still need to pay rent on the remaining share of the property you don’t own.
If you’re trying to weigh up the pros and cons of shared ownership against other options (such as renting), you’re going to need to understand where your money is going. Here’s a roundup of all your expenses in a Shared Ownership property.
Monthly repayments on your mortgage depend on the size of your share in the property, the deposit you lay down, and the agreed interest rate on the sum borrowed.
This fee covers repairs and maintenance of communal areas, lifts, lighting, gardens, or open spaces, and building insurance.
Typically, Legal & General Affordable Homes charge an annual rent of 2.75% on the portion of the property you don’t own. For example, if you owned 25%, we would charge 2.75% rent on the remaining 75%. In this example, if the full value of your property was £250,000, your rent would be based on £187,500, equating to an annual rent of £5,156.25 and a monthly rent of £429.69.
While the service charge may cover buildings insurance, you’ll need to take out contents insurance to cover your belongings, furniture and white goods etc.
When embarking on the journey to find your Shared Ownership home, it’s essential to approach the process with careful consideration and thorough research. Here are some steps to help you navigate the home-hunting phase effectively:
Begin by outlining your requirements and preferences for your future home. Consider factors such as location, size, amenities, and budget. Determine what features are non-negotiable and which ones are nice-to-have but not essential. This will help narrow down your search and focus on properties that align with your needs.
Explore the various Shared Ownership properties available in your desired location. Use our available property page to view what is on the market. Take note of the details, including property specifications, share percentages, and any additional costs involved.
Once you’ve identified potential properties, arrange viewings to see them in person. Attend scheduled open houses or book individual appointments with housing providers. During the viewings, pay close attention to the property’s condition, layout, and surroundings. Take the opportunity to ask questions about the Shared Ownership scheme, maintenance responsibilities, and any applicable service charges.
Evaluate the affordability of each property based on your financial situation and the associated costs. Take into account the deposit required, monthly mortgage payments, rent, service charges, and other expenses. Conduct a thorough financial assessment to ensure that you can comfortably afford the ongoing costs of homeownership.
Confirm that you meet the eligibility criteria for Shared Ownership before proceeding with any property purchase. Ensure that you fulfil requirements such as income limits, residency status, and first-time buyer status. Be prepared to provide documentation and undergo affordability checks as part of the application process.
Consider seeking guidance from housing professionals, mortgage advisors, or independent financial advisors. They can offer valuable insights and assistance throughout the home-hunting process – from assessing affordability to securing financing. Their expertise can help you make informed decisions and navigate any complexities associated with Shared Ownership.
Take the time to compare different Shared Ownership properties and housing providers. Evaluate factors such as location, property features, affordability, and overall value for money. Consider the long-term implications of each option and choose the one that best suits your lifestyle, preferences, and financial goals.
Keep an open mind and remain flexible during your home search. Be prepared to compromise on certain preferences if necessary – especially if you encounter limited availability or high demand in your desired area. Stay patient and persistent, knowing that the right Shared Ownership home is out there waiting for you!
Approaching home-hunting for a Shared Ownership property with diligence and clarity can help streamline the process and lead to finding your ideal home. By defining your criteria, conducting thorough research, and seeking professional advice, you can navigate the home-hunting phase with confidence and make informed decisions along the way.
Purchasing a Shared Ownership property is an exciting step towards achieving homeownership. Here’s a comprehensive guide to help you navigate the buying process with confidence:
Once you’ve found a property you’re interested in, submit an application to the housing provider or developer. Provide all necessary documentation and information required for the application process, including proof of eligibility, financial details, and references. Be prepared to undergo affordability checks and credit assessments as part of the application process.
Upon approval of your application, instruct a solicitor or conveyancer to handle the legal aspects of the purchase. Your solicitor will review the legal documentation, including the leasehold agreement and Shared Ownership terms, to ensure that your interests are protected throughout the transaction.
Arrange a mortgage to cover the share of the property you’re purchasing. Shop around for mortgage deals and compare offers from different lenders to find the most suitable option for your needs. Your mortgage lender will conduct affordability checks and assess your ability to repay the mortgage loan.
Once all legal and financial arrangements are in place, exchange contracts with the seller or developer. This legally binds both parties to the sale agreement and sets a completion date for the purchase. Pay the deposit required and review the contract thoroughly before signing.
On completion date, the remaining balance of the purchase price is transferred, and ownership of the property is transferred to you. Collect the keys to your new home and begin the process of moving in. Settle any outstanding payments, arrange utility connections, and familiarise yourself with the property and its amenities.
Congratulations on securing your Shared Ownership home! As you prepare to move in, here are some essential steps to ensure a smooth transition:
At some point, you may decide to sell your equity share in your Shared Ownership property, a process known as a resale. Here’s what you need to know about selling your Shared Ownership property:
1. Contact Legal & General Affordable Homes: If you’re considering selling your Shared Ownership property, the first step is to get in touch with Legal & General Affordable Homes. They have a specified time outlined in your lease agreement during which they have the opportunity to find a suitable buyer for your share.
2. Finding a Buyer: Legal & General Affordable Homes will endeavour to find a suitable purchaser for your share, typically prioritising first-time buyers. If a buyer is not found within the specified time frame, you may have the option to sell your share on the open market.
3. Increasing Your Share: If you’ve increased your share to 100%, you have the freedom to sell the property on the open market without any restrictions.
Like any property, the market value of your Shared Ownership property can fluctuate over time, depending on market conditions. It’s essential to consider this when deciding to sell, as fluctuations in value may impact your potential returns.
When selling your share of a Shared Ownership property, you’ll typically need to follow these steps:
1. Valuation: Get a professional valuation of your share to determine its current market value.
2. Offering Your Share: Offer your share to Legal & General Affordable Homes, who will try to find a suitable buyer within the specified time frame.
3. Open Market Sale: If Legal & General Affordable Homes cannot find a buyer within the specified period, you may have the option to sell your share on the open market. This involves listing your share with a real estate agent and finding a buyer independently.
If you decide to sell, you must first offer the property to Legal & General Affordable Homes. If they are unable to find a suitable buyer within a specified time, you can then sell on the open market.
Yes, through a process called staircasing, you can buy additional shares of the property and reduce the amount of rent you pay.
No, Shared Ownership properties must be your primary residence and cannot be rented out.
Shared Ownership provides a viable pathway to homeownership for a wider net of individuals, whether you’re a first-time buyer or don’t otherwise have the opportunity to buy a property outright. With its affordable deposit requirements and flexible ownership options, Shared Ownership offers a practical solution to the challenges of entering the property market.
For more information, please contact our dedicated Sales Team who will be delighted to help you find your new home. Want to hear from those already in Shared Ownership? Take a look at some of our testimonials.
